Synergizing Traditional Media and the Social Web for Monetization: A Modified Media Micropayment Model

Abstract

In today’s Social Web environment, traditional media struggles to capture the monetary potential of media products online. The authors argue a synergetic business model can maximize strengths and alleviate weaknesses of traditional media and the Social Web. This paper surveys extant literature on business models for social networking sites, explains how those models correlate to legacy media, examines existing academic and industry research and thinking on the issue, and discusses practical and theoretical future directions for models in this realm. In conclusion, a new business model is proposed that converges SNS and legacy media as the primary players in the envisioned model.

Key Words:

• business models
• revenue models
• newspapers
• publishers
• payment systems
• social media
• digital media